Turkish parliament enables wealth fund to assist economy
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Turkish parliament enables wealth fund to assist economy

Turkey’s parliament passed legislation Thursday allowing its sovereign wealth fund to assist companies in distress.

The legislation will help the country survive the impact of COVID-19 by allowing the Turkiye Wealth Fund to send money in firms considered to be of strategic importance. The government will prevent excessive price increases by companies within the country. Travel agents will be able to forfeit the payment of debts for the time being in order to keep the economy running. Rental fees will also be void of interest attached to their payments, according to the legislation:

These receivables will be collected at the end of the postponed period, in equal monthly installments for the postponed period, without any delay increase or interest. The rental fees will not be collected for the period when the businesses whose activities were stopped or could not operate are not operating.

The additional assistance for tourism companies will aid in the continuance of Turkey’s economic viability, and hopefully create stability in the country during the pandemic.

For more on COVID-19, see our special coverage.